The Global Internet of Things in Healthcare Market is expected to grow at a CAGR of 56.0% during the forecast period from 2016 to 2021.
Internet-of-Things (IoT) envisions a world of heterogeneous things that have identities as well as physical & virtual attributes and that are seamlessly and securely integrated into the Internet infrastructure using standard communication protocols. One can witness objects and devices that are a part of one’s daily life by being connected to the Internet through sensors. IoT represents a tremendous opportunity for various types of companies, including IoT application & service providers, IoT platform providers, integrators, telecom operators, and software vendors.
It is expected that of all the industries, healthcare will be the most beneficial and impactful, when it comes to adopting the concept of IoT. As the technology continues to evolve, Internet of Things in healthcare will grow at an impressive rate, as it could be highly useful in improving the current healthcare setup.
A great number of healthcare expenditure reduction and quality care will be assured thanks to the usage of Internet of Things adoption. IoT will also be instrumental in ensuring the reduction of Hospital re-admissions. Interconnected devices have been introduced to patients in various forms. The recent emergence of variety of wireless monitoring devices is a strong indication of the potential ramifications of IoT in the healthcare setup.
Currently, developed economies account for the major share of this market, globally. It is expected that nearly 86.0% of the market’s contribution is obtained from developed economies. However, the trend is estimated to change in the future, where the developing nations are expected to witness higher adoption rates. IoT is also expected to have the largest impact on the developing nations. The concept of smart cities is one of the entry strategies of the IoT adoption in developing economies.
The Global Internet of Things in Healthcare Market has been on the basis of technology setup (communication, networks, and others), application (patient monitoring, mobile health, and others), component (hardware, software, services, and others), end user (hospitals, home healthcare, pharmaceuticals, biotechnology, and others), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
Currently the market is highly driven by factors, such as the increasing rate of ageing population, technological advancements, increased adoption rates of remote patient monitoring systems, rise of the home healthcare market, growing need to reduce hospital re-admissions, improved quality care of life, and need to reduce the global healthcare expenditure.
However, privacy & confidentiality issues, security concerns, regulatory framework concerns are the major barriers that are faced by this market.
The major market players include Cisco, Intel, Ericsson, Freescale & Arm, GE, Proteus Digital Health, and IBM among others.
Key Deliverables in the Study